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For question 1 also added back (wrongly IMO) 500 for over depreciation as it was $3m over 3 years by 6 months to the YE balance and then they also had a profit of 700 on the investment (I think)
LOL I just wish we could see the answers now…
<cite> @adman50 said:</cite>
For question 1 also added back (wrongly IMO) 500 for over depreciation as it was $3m over 3 years by 6 months to the YE balance and then they also had a profit of 700 on the investment (I think)LOL I just wish we could see the answers now…
Lol i was doing the same until i realized, impairment usually has no depreciation thing.
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Goodwill 8500
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Hello! I don’t remember, the pre acquisition profit was 8000 or the loss of (4000)? which was the profit of this year and the profit past periods?
Very hard.. struggled with Q1 more than Q2 which in past exam papers was the other way round
Goodwill retained earning for subsidiary= b/f retained earnings and loss to year end, and loss that was agreed at purchase for pre acq (2000) not sure it was right but I had to carry on with the remaining calculations and B/S so even if I get this bit one by theory is correct. Also run out of time, mainly only answered Q1/2&3 and only a few parts of 4&5. Not looking good!!!Paper was overall ok but time limitation made it hard.. i was unable to attempt last part of question no 5.. 🙁 May ALLAH bless me .. hope for best.. 🙂
TBH, Discountinued operations wasn’t expected at all.. i prepared standards so well just to find out 2 rare standards got tested
oh, i have calculated wrong the value of loan note, i have cal that 20000×100/1000 not 20000×0.75×100/1000, rediculous mistake, hope that it’s small point 😀
As for me, I did all the 5 questions but I had trouble was slightly in Q1 with the loss rather than retained earnings, and Q2 with that stupid note 1 and director bonus.
I think Q3 was not too bad with ratios made it more juicy. Q4 and Q5 ok this was funny for me I had 1.15 hour to do these two questions and i wrote as much as I could until the time over 😀
Wasn’t the worst paper but every question had something complicated in it. I hope I can pass 🙂G/W was cost of investment was 18600 and FVof SNA 20000, and retained earnings were (2000) being preacq plus 8000-(2000) being 10000 multiply by 6/12 minus 2000 plus 5000 is plus 3000 and G/W bargain purchase of 1400. I balance the STOFP in q1 balance STof FP in question 2 meaning profit for the year was correct and SOCIETY, balance cash flow but did bad on Q4 and Q5 cause first 3 took me substantial time i am so scareeeeeeed
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hard
the cost of investment was 13500 and the NCI was 6000. I m totally sure with these two figures
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<cite> @shahzad1986 said:</cite>
I didn’t do anything with draft loss of 2000 as ithought that it is incl in the p&l for the year so after (4000) and 8000×6/12 i gt 0 as re at acq
and I got goodwill of 2500 after the fv etc adjI did the same with draft loss….hope it is ok.
<cite> @kynhonglongbong said:</cite>
oh, i have calculated wrong the value of loan note, i have cal that 20000×100/1000 not 20000×0.75×100/1000, rediculous mistake, hope that it’s small point 😀That should be calc 20000x 75% times 2/5×100/1000 = 600
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OMG….i time apportioned the balance sheet amounts of QNS 1…i know we shld not but WHY did i do so???? what was on my mind. its always never the same when u are at the exam hall. i practiced alot but why did i time apportioned? someone kill me
This paper was so time consuming!! god…..i dont think i will pass:((<cite> @captmario said:</cite>
what was the goodwill? i could’nt figure out pre and post acq R.E, 2000 loss was pre-acq? and since 8000 was R.E for the year, that would be 10000 for post acq10000 is correct but you had to time apportion for half year so 10000×6/12 5000 all preacq was 5000-2000= 3000
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My issue is checked on ACCA website that someone sits for the exam before we write to measure if the 3 hours are adequate .I wonder who do they pick a financial reporting expert ( coz we are students not skyrocket scientist) , however to my knowledge and many peoples views Steve Scott paper which is F7 its hard to finish and most people we fail this paper because of this.
<cite> @adamrobs said:</cite>
What else was on question 3 apart from the cash-flow? I’ve forgotten!what abt the tax calulation? we had also to add the deferred tax of the revaluation? (note 1)
It was also the calculation of ratios and interpretation
the paper was overall fair but for time as usual with all ACCA papers, the markers will do their part. have done mine just hope i wont be writing in december again
<cite> @valiaty said:</cite>
what abt the tax calulation? we had also to add the deferred tax of the revaluation? (note 1)It was also the calculation of ratios and interpretation
Which ratios did we have to calculate? I have a terrible memory and think I may have missed this!!
<cite> @adamrobs said:</cite>
Which ratios did we have to calculate? I have a terrible memory and think I may have missed this!!roce, gross profit , asset turnover, gearing
I calculated only the loan in gearing ratio. does anyone know if am correct?
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attempted everything but Q1 and its just adjustments made me my head spin….hope i got a 49 plus 1.
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attempted everything but Q1 and its just adjustments made me my head spin….hope i get a 49 plus 1.
<cite> @kriselda said:</cite>
That should be calc 20000x 75% times 2/5×100/1000 = 600No, 20000×0.75×100/1000 is true because the question say that 100 loan notes for 1000 share ACQUIRED, so no of share acquired is 20000×0.75, all of my friend say that 8500k of GW is true, i have small mistake that cal 20000×100/1000 not 0.75, i forgot it 😀
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